Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The demand for waste incineration in Southeast Asia and Central Asia is urgent, driven by rapid urbanization and rising consumer spending, leading to a significant increase in municipal solid waste generation [6][17]. - Most Southeast Asian countries have a waste incineration treatment ratio below 10%, while Central Asia is even more lagging, with nearly 100% reliance on landfill disposal as of the end of 2024 [6][19]. - Chinese companies have established a competitive advantage in overseas waste incineration projects due to their technological strength and comprehensive solution capabilities, with over ten new contracts signed in 2023, totaling nearly 27,000 tons/day of capacity [7][28]. - The waste incineration sector is characterized by high certainty and steady growth, making it a premium absolute return sector [8][35]. Summary by Sections Waste Incineration Demand in "Belt and Road" Countries - The increase in waste generation is significant, with cities like Ho Chi Minh City producing about 9,700 tons of waste daily, of which only 33% is treated through incineration and composting [6][21]. - Indonesia faces severe waste management challenges, with over 35% of waste unprocessed and directly entering waterways, prompting government plans for incineration plants in 30 cities [6][21]. Economic Conditions Favoring Incineration Technology - By 2024, the GDP per capita in major Southeast Asian countries is projected to be between $4,000 and $10,000, indicating readiness for the adoption of incineration technology [6][24]. - Countries like Thailand and Malaysia have GDPs of $7,345 and approximately $11,867, respectively, which are comparable to China's GDP levels when it began promoting waste incineration [6][24]. Active Project Bidding and High Participation of Chinese Companies - The trend of regular and large-scale project bidding in Southeast Asia and Central Asia is evident, with Chinese companies dominating the competitive landscape [7][28]. - In 2023, Chinese firms signed contracts for waste incineration projects with a combined capacity of nearly 27,000 tons/day, primarily in Vietnam, Thailand, Indonesia, and Uzbekistan [7][28]. Growth Potential and Investment Strategy - Southeast Asia is expected to remain a core market, with project bidding continuing to increase, while Central Asia is in the early stages of development [8][35]. - The integration of waste incineration with new business models such as energy storage and digital capabilities is anticipated to create additional value-added services in overseas environmental projects [8][35]. Recommended Industry Leaders - Key industry leaders recommended include Huanlan Environment, China Everbright, Weiming Environmental, Yongxing Co., Green Power, Junxin Co., Sanfeng Environment, Xirong Environment, and Hongcheng Environment [8][36].

Group 1 - The core viewpoint of the news is that Zhejiang Weiming Environmental Protection Co., Ltd. has seen a stock price increase of 5.05%, reaching 22.69 CNY per share, with a total market capitalization of 38.676 billion CNY [1] - The company was established on December 29, 2001, and went public on May 28, 2015, focusing on urban household waste incineration power generation [1] - The main business revenue composition includes: equipment, EPC, and services at 55.72%, project operation at 43.82%, and others at 0.46% [1] Group 2 - According to data, E Fund has one fund heavily invested in Weiming Environmental Protection, specifically the E Fund CSI Yangtze River Protection Theme ETF (517330), which reduced its holdings by 12,300 shares in the second quarter [2] - The fund currently holds 1.5886 million shares, accounting for 2.21% of the fund's net value, ranking as the seventh largest holding [2] - The fund has achieved a year-to-date return of 23.96% and a one-year return of 30.97%, with a total fund size of 1.372 billion CNY [2]

Group 1 - On October 16, Weiming Environmental conducted a block trade of 1.3 million shares, with a transaction amount of 25.636 million yuan, accounting for 12.43% of the total transaction amount for the day [1] - The transaction price was 19.72 yuan, which represents a discount of 9.67% compared to the market closing price of 21.83 yuan [1]

Core Insights - On October 14, 2023, Weiming Environmental conducted a block trade of 1.2 million shares, amounting to 22.86 million yuan, which represented 8.09% of the total trading volume for the day. The transaction price was 19.05 yuan, reflecting an 11.76% discount compared to the market closing price of 21.59 yuan [1][2]. Summary by Categories - **Transaction Details** - The block trade involved 1.2 million shares of Weiming Environmental at a price of 19.05 yuan per share [1]. - The total transaction value was 22.86 million yuan [1]. - This trade accounted for 8.09% of the total trading volume on that day [1]. - **Market Comparison** - The transaction price of 19.05 yuan was at an 11.76% discount to the market closing price of 21.59 yuan [1]. - **Brokerage Information** - The buying brokerage was Ping An Securities Co., Ltd., with the specific branch located at Wenzhou Government Road [2]. - The selling brokerage was also Ping An Securities Co., Ltd., from the Fuzhou Fufu Road branch [2].

Core Viewpoint - Weiming Environmental Protection's stock has shown a positive trend, with a year-to-date increase of 2.07% and a notable rise of 9.15% over the past five trading days, indicating strong market interest and potential growth in the environmental sector [1][2]. Company Overview - Weiming Environmental Protection Co., Ltd. was established on December 29, 2001, and listed on May 28, 2015. The company is primarily engaged in urban household waste incineration power generation [1]. - The company's main revenue sources are: equipment, EPC, and services (55.72%), project operation (43.82%), and others (0.46%) [1]. Financial Performance - For the first half of 2025, Weiming Environmental Protection reported operating revenue of 3.904 billion yuan, a year-on-year decrease of 5.10%. However, the net profit attributable to shareholders increased by 0.13% to 1.425 billion yuan [2]. - The company has distributed a total of 2.969 billion yuan in dividends since its A-share listing, with 1.492 billion yuan distributed over the past three years [2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 29,000, up by 4.60%. The average number of circulating shares per person decreased by 4.40% to 58,577 shares [2]. - Among the top ten circulating shareholders, Ruiyuan Balanced Value Three-Year Holding Mixed A (008969) holds 28 million shares, unchanged from the previous period, while Hong Kong Central Clearing Limited reduced its holdings by 1.9188 million shares to 22.3727 million shares [2]. Market Activity - On October 14, Weiming Environmental Protection's stock price rose by 2.08% to 21.59 yuan per share, with a trading volume of 26.0668 million yuan and a turnover rate of 0.07%. The total market capitalization reached 36.801 billion yuan [1]. - The net inflow of main funds was 2.4418 million yuan, with large orders accounting for 17.00% of purchases and 7.63% of sales [1].

Core Viewpoint - The announcement details the conversion results of the convertible bonds "Wei 22" and "Wei 24" issued by Zhejiang Weiming Environmental Co., Ltd, highlighting the cumulative conversion amounts and the remaining unconverted bonds as of September 30, 2025 [2][8][9]. Summary by Sections 1. Cumulative Conversion Status - As of September 30, 2025, a total of RMB 181,000 of "Wei 22" bonds have been converted into 5,662 shares, representing 0.00033% of the total shares before conversion [2] - For "Wei 24" bonds, RMB 258,000 have been converted into 14,312 shares, accounting for 0.00084% of the total shares before conversion [2] - The unconverted amount for "Wei 22" bonds is RMB 1,476,819,000, which is 99.98775% of the total issuance [2] - The unconverted amount for "Wei 24" bonds is RMB 284,742,000, which is 99.90947% of the total issuance [2] 2. Conversion Details for "Wei 22" Bonds - The conversion period for "Wei 22" bonds is from January 30, 2023, to July 21, 2028 [8] - During the quarter from July 1, 2025, to September 30, 2025, RMB 1,000 of "Wei 22" bonds were converted into 36 shares, which is 0.000002% of the total shares before conversion [8] - The latest conversion price for "Wei 22" bonds is RMB 27.27 per share, adjusted from an initial price of RMB 32.85 per share [3][4][5] 3. Conversion Details for "Wei 24" Bonds - The conversion period for "Wei 24" bonds is from October 8, 2024, to March 27, 2030 [9] - During the same quarter, RMB 7,000 of "Wei 24" bonds were converted into 395 shares, which is 0.00002% of the total shares before conversion [10] - The latest conversion price for "Wei 24" bonds is RMB 17.55 per share, adjusted from an initial price of RMB 18.28 per share [6][7] 4. Share Capital Changes - As of September 30, 2025, the company has a balance of 10,610,185 shares in the repurchase special securities account, with 431 shares used for the conversion of "Wei 22" and "Wei 24" bonds during the quarter [10]

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2025-063 | | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 24 转债 | | | | 浙江伟明环保股份有限公司 可转债转股结果暨股份变动公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 累计转股情况：截至 2025 年 9 月 30 日，累计已有人民币 181,000 元"伟 22 转债"转换为浙江伟明环保股份有限公司（以下简称"公司"）A 股 普通股，累计转股数为 5,662 股，占"伟 22 转债"转股前公司已发行普 通股股份总额的 0.00033%；累计已有人民币 258,000 元"伟 24 转债" 转换为公司 A 股普通股，累计转股数为 14,312 股，占"伟 24 转债"转 股前公司已发行普通股股份总额的 0.00084%。 未转股可转债情况：截至 2025 年 9 月 3 ...

Core Insights - The stock price of Weiming Environmental has decreased by 6.87% year-to-date but has shown a recent increase of 3.74% over the last five trading days [2] - The company reported a revenue of 3.904 billion yuan for the first half of 2025, a year-on-year decrease of 5.10%, while the net profit attributable to shareholders was 1.425 billion yuan, a slight increase of 0.13% [2] Financial Performance - As of June 30, 2025, Weiming Environmental's total revenue was 3.904 billion yuan, with a year-on-year decrease of 5.10% [2] - The net profit attributable to shareholders for the same period was 1.425 billion yuan, reflecting a year-on-year growth of 0.13% [2] Shareholder Information - The total number of shareholders as of June 30, 2025, was 29,000, an increase of 4.60% from the previous period [2] - The average number of circulating shares per shareholder was 58,577, a decrease of 4.40% from the previous period [2] Dividend Distribution - Weiming Environmental has distributed a total of 2.969 billion yuan in dividends since its A-share listing, with 1.492 billion yuan distributed over the last three years [3] Stock Performance - The stock price of Weiming Environmental was reported at 19.70 yuan per share, with a trading volume of 1.00 billion yuan and a turnover rate of 0.30% [1] - The company experienced a net inflow of main funds amounting to 2.2242 million yuan, with significant buying and selling activity from large orders [1]

Group 1 - The core viewpoint of the news is that Weiming Environmental has shown significant trading activity, with a notable increase in financing and margin trading, indicating strong investor interest [1][2] - As of September 25, Weiming Environmental's financing buy-in amounted to 26.25 million yuan, with a net financing buy of 16.47 million yuan, reflecting a high level of trading activity [1] - The total financing and margin trading balance for Weiming Environmental reached 470 million yuan, which is at a high level compared to the past year [1] Group 2 - As of June 30, Weiming Environmental reported a total of 29,000 shareholders, an increase of 4.6% from the previous period [2] - The company achieved an operating revenue of 3.904 billion yuan for the first half of 2025, a year-on-year decrease of 5.1%, while the net profit attributable to shareholders increased by 0.13% to 1.425 billion yuan [2] - The company has distributed a total of 2.969 billion yuan in dividends since its A-share listing, with 1.492 billion yuan distributed over the last three years [2]

Group 1 - The core point of the article highlights that Weiming Environmental experienced significant trading activity on September 25, with a total of 5 block trades amounting to 4.0612 million shares and a total transaction value of 74.037 million yuan, all executed at a discount relative to the closing price [2] - Over the past three months, Weiming Environmental has recorded a total of 9 block trades, with a cumulative transaction value of 168 million yuan [2] - The closing price of Weiming Environmental on September 25 was 19.23 yuan, reflecting a 0.42% increase, with a daily turnover rate of 0.28% and a total transaction amount of 92.9287 million yuan [2] Group 2 - The net inflow of main funds for Weiming Environmental on that day was 4.8758 million yuan, and the stock has seen a cumulative increase of 1.32% over the past five days, with a total net inflow of 7.2931 million yuan [2] - The latest margin financing balance for Weiming Environmental is 446 million yuan, which has increased by 9.9952 million yuan over the past five days, representing a growth rate of 2.29% [2] - A detailed overview of the block trades on September 25 shows various transaction prices, all at a discount to the closing price, with significant participation from multiple brokerage firms [2]